Land Tax Assessments for 2020 Have Now Been Issued.
Simply, Be Proactive & Don’t Procrastinate
We are writing to you as a valued client to again make you aware that “site value” apportionment is of most importance in relation to future Land Tax Assessments for the period under consideration.
Initial viewings would indicate a decrease in the levels of value from the highs of the last assessment. However, even though a decrease may be evident, such decrease may not take into account current circumstances such as the recent banking enquiry and its effect on levels of value, disruption to finance and constraints thereof, and simply decreases in market forces of both supply and demand, all of which culminate with a lacklustre real estate market as at the relevant date of valuation and hence assessment.
The grounds for objection are as follows:
(a) that the value assigned is too high or too low;
(b) that the interests held by various persons in the land have not been correctly apportioned;
(c) that the apportionment of the valuation is not correct;
(d) that lands that should have been included in one valuation have been valued separately;
(e) that lands that should have been valued separately have been included in one valuation;
(f) that the person named in the notice of valuation, assessment notice or other document is not liable to be so named;
(g) that the area, dimensions or description of the land including the AVPCC allocated to the land are not correctly stated in the notice of valuation, assessment notice or other document.
Section 17(g) of the Valuation of Land Act amended by No. 58/2012 s. 129.
Definition of Site Value
“Site value of land means the sum which the land, if it were held for an estate in fee simple unencumbered by any lease, mortgage or other charge, might in ordinary circumstances be expected to realise at the time of the valuation if offered for sale on such reasonable terms and conditions as a genuine seller might be expected to require and assuming that the improvements (if any) had not been made”.
Time is of the essence!
We look forward to hearing from you as soon as possible.
Please contact Mark Ruttner (0411 419 674) or Jim Derzekos (0412 361 367)
Office 03 9690 1112
First Valuation Group
Ground Level, 18-22 Thomson Street, South Melbourne, VIC, 3205
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